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The MTA said the Government should offer tax credits for companies who run the scheme, to help off-set the cost.

Graham Dewhurst, director general of the MTA, said the scheme would help reduce the flow of top graduates into financial careers.

“For too long, outstanding engineering graduates from Cambridge and other top UK eniversities have been lured into the Square Mile and the Hedge Funds of Mayfair by the promise of a faster buck”, he said.